Steady Growth Forecast For Homewares Market

The global homewares market was valued at US$175 billion in 2021 and is forecast to reach $200 billion by the end of 2031, registering a compound annual growth rate of five per cent during the forecast period, says a report from Fact.MR. Higher spending on sophisticated house spacing with the utilization of stylish home interiors will bolster demand over the upcoming years. Other factors that will contribute towards the rising demand include the increase of Millennial renters and an overall trend of consumers moving towards stylish products. In addition, homeware manufacturers are continuously introducing improved products due to rapid change in customers’ behaviours. Hindering market growth is the high cost of both raw materials and the final products, making purchase difficult for consumers of all economic levels. Home décor is the homeware segment expected to generate the most revenue.